Interventional device developer AngioDynamics of Queensbury, N.Y., reported a double-digit increase in sales and net income for its 2007 fiscal fourth quarter (end-June 2). However, although revenues for the fiscal year also demonstrated double-digit growth, the firm posted a net loss for the year.
AngioDynamics stated $40.9 million in net sales for the fourth quarter, a 73 percent increase over the $23.6 million reported for the same period one year ago. .Fourth quarter net income increased to $2.9 million from $2.0 million.
For fiscal year 2007, the company reported $112.2 million in net sales, a 43 percent increase over the $78.5 million reported a year ago. The net loss for fiscal 2007, inclusive of accounting for AngioDynamics’ acquisition of RITA Medical, litigation damages, and stock-based compensation was $9.1 million.
The firm said that it expects fiscal 2008 net sales to be in the range of $170 to $175 million and that it anticipates non-generally accepted accounting principles (GAAP) income of at least $30 million. Non-GAAP income excludes stock-based compensation, amortization of intangibles, and includes the cash benefit from the use of net operating losses (NOLs).